Simple Forex System Trading

USD/CHF did not break above the down trend line yesterday on daily chart after all.  After staying above the down trend line for most part of the day, it decided to continue its down trend.

SNB is now once again at the cross roads – to intervene or not.  EUR/CHF is trading at around 1.2036 which is so close to its 1.20 floor.  USD/CHF is not doing any better.  It’s about to break below 0.90.

Now, will SNB surprise us over the weekend?  If you have any short positions in any of these two pairs, are you brave enough to hold it (them) through the weekend?

Entered a short trade on USD/CAD at 0.9989 when it broke below the up trend line (the thin red one on chart).  Originally, set the stop loss at 1.0026, but I have moved it down to the break-even point after the price hit 0.9975.  Take profit is now at 0.9946 but may change depending on what the price movement looks like later.

Should have bought EUR/JPY as well, but chickened out.

Update:  USD/CAD was closed at 0.9966 at around 8:49 PM EST, 3/29.

Looks like the Swiss Franc is creeping up.

Apparently, EUR/JPY did not want to break the up trend line to the down side.  It is now trading at around 110.60.  Looks like it is going to break above the near term high of 111.40 or so pretty soon if the bullish trend holds.

This is EUR/JPY on the daily chart.  Looks like the pair is now at the deciding moment whether to continue its bullish pattern, or break the bullish support trend line.  It did break the trend line at around 108.80 today, but now it is back up above it.